Welspun Corp may win a large order, FIIs sell Mahindra Logistics: Dealing room check
Dealers said that the markets are consolidating post a gap up opening and that the next resistance for the Nifty 50 is around the 19,850 mark.
Shares of Welspun Corp Ltd. ended 5% higher on Wednesday, extending its gains for the second day in a row. The stock had gained 2.4% on Tuesday as well.
Sources within the dealing rooms told CNBC-TV18 that the stock is witnessing strong buy flows at the HNI desk and that the street is expecting a large order win soon.
The stock has gained in four out of the last five trading sessions and has gained over 70% so far in 2023.
Second Day Of Gains
Benchmark indices gained for the second day in a row, with the Nifty 50 not only closing above the 20-Day Moving Average, but also above the 19,800 mark.
Dealers said that the markets are consolidating post a gap up opening and that the next resistance for the Nifty 50 is around the 19,850 mark.
Cement, autos and select FMCG stocks witnessed buying traction in today's trading session according to the dealers. Flows on the FII desk were mixed with a positive bias at the FII desk.
Besides Welspun Corp, these stocks made it to the dealing room chatter:
HDFC Bank: The stock closed at the highest level since September 21 on Wednesday. Dealers said that the stock saw first signs of selling exhaustion from large FIIs and also witnessed some small buy flows. The stock gained for the second day in a row.
Mahindra Logistics: Shares of Mahindra Logistics fell for the sixth day in a row on Wednesday and has declined 10% during this period. Dealers said that a leading FII is an active seller in the stock.
Karnataka Bank: Shares ended little changed on Wednesday. The stock has been consolidating off late and dealers are expecting a fund raising announcement via the QIP route to be made soon.
(Edited by : Hormaz Fatakia)
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